SCHEDULE: TEAM INC Secures Key Shareholder Support for Warrant Issuance

Corre Holders commit to vote shares in favor of TEAM INC's warrant issuance to Stellex Holder.

Summary

• Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP, and Corre Horizon II Fund, LP (collectively, 'Corre Holders'), significant shareholders of TEAM INC, entered into a Voting and Support Agreement with the Issuer and InspectionTech Holdings LP (the 'Stellex Holder') on September 11, 2025.
• The Corre Holders have agreed to vote their shares of Common Stock in favor of the issuance of 65,491 Tranche A Warrants and 31,393 Tranche B Warrants (collectively, 'Additional Warrants').
• They also committed to vote in favor of any other proposal necessary for the consummation of transactions contemplated by a Purchase Agreement and a Shareholders Agreement with Stellex Holder.
• Corre Holders agreed to vote against any action that would impede, interfere with, or delay these transactions or result in a breach of the agreements.
• The agreement restricts Corre Holders from transferring their shares, with an exception for transfers totaling less than 100,000 shares.
• The Support Agreement terminates upon the earlier of the first shareholder meeting approving the warrant issuance, no Warrants or purchase commitments remaining outstanding, a material uncured breach by Stellex Holder, or September 30, 2026.
• Corre Partners Advisors, LLC, John Barrett, and Eric Soderlund collectively beneficially own 1,587,296 shares, representing 35.282% of the class.

Sentiment

Score: 7

Explanation: The agreement secures the voting support of a major shareholder group for a strategic capital raise via warrant issuance and a partnership with Stellex, indicating a planned positive financial and strategic move for the company.

Positives

• Secures the voting support of a major shareholder group (Corre Holders) for a strategic capital raise and partnership with Stellex Holder.
• Facilitates the issuance of 96,884 additional warrants, which can provide capital to TEAM INC.
• Indicates alignment between existing significant shareholders and a new strategic investor, potentially stabilizing the company's strategic direction.

Negatives

• Corre Holders' ability to transfer their shares is restricted, limiting their liquidity and flexibility, with an exception for transfers under 100,000 shares.
• Corre Holders' voting discretion is constrained for the duration of the agreement, as they must vote in favor of specific transactions and against impeding actions.

Future Outlook

The filing indicates a planned strategic transaction involving the issuance of additional warrants and a partnership with Stellex Holder, supported by a significant shareholder group. This suggests a future capital infusion and strategic alignment for TEAM INC.

Industry Context

This announcement reflects a specific corporate financing and governance event for TEAM INC, rather than a broader industry trend. It highlights a company's effort to secure capital and strategic partnerships, a common practice in various industries for growth or stabilization.

Corporate Governance

Related Party Transactions

• A Voting and Support Agreement was entered into between TEAM INC, Corre Holders (existing significant shareholders), and InspectionTech Holdings LP (Stellex Holder, a new strategic investor), outlining voting commitments for future transactions.

Stakeholder Impact

• Shareholders (Corre Holders): Their voting rights are committed, and share transferability is restricted for a period, impacting their autonomy and liquidity.
• Other Shareholders: Will be asked to vote on the warrant issuance and related transactions, with a significant block of shares already committed to support.
• Company (TEAM INC): Benefits from secured shareholder support for a capital raise and strategic partnership, potentially improving financial stability and strategic execution.
• New Investor (Stellex Holder): Gains assurance of shareholder support for its investment and partnership with TEAM INC.

Next Steps

• Completion of the transactions contemplated by the Purchase Agreement and Shareholders Agreement.
• Issuance of the 65,491 Tranche A Warrants and 31,393 Tranche B Warrants.
• A shareholder meeting (special or annual) to approve the issuance of Warrant Shares and other necessary proposals, to be called by the Issuer within 60 days if not already done.

Key Dates

Recommendation

The filing details a significant corporate governance and financing event, indicating a strategic move by TEAM INC to secure capital and align with a new investor. While this is generally positive, the full financial implications depend on the terms of the underlying Purchase and Shareholders Agreements, which are not fully disclosed here. A 'hold' recommendation is appropriate to monitor the execution and full impact of these strategic initiatives.

Keywords

Voting Agreement, Support Agreement, Warrants, Shareholder Agreement, Capital Raise, SEC Filing, TEAM INC, Corre Holders, Stellex Capital Management, Common Stock